First National Bank (Culver City, CA)

View Charter #11732 on SPMC View balance sheet

Episode Information

Episode UID
1173201584
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
117320 national
Charter Number
11732
Start Date
December 1, 1931*
Location
Culver City, California (34.021, -118.396)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9d12b53e75990d80

Response Measures

Fed/other loan, Public signal of financial health, Full suspension, Books examined

Receivership Details

Depositor recovery rate
58.8%
Date receivership started
1932-01-23
Date receivership terminated
1939-01-31
Share of assets assessed as good
21.2%
Share of assets assessed as doubtful
73.4%
Share of assets assessed as worthless
5.4%

Description

Dates of initial closing are imprecise in the articles; receiver date is known 1932-01-23.

Events (5)
1. May 28, 1920 Chartered
Source
historical_nic
2. December 1, 1931* Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals/runs prompted by depositor panic despite officers' claims the bank was sound
Measures
Closed its doors to conserve assets; board met daily and called meetings of depositors
Newspaper Excerpt
the First National Bank of Culver City, which closed its doors recently to conserve assets and safeguard the depositors... after heavy runs
Source
newspapers
3. January 1, 1932* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended operations after heavy runs and board resolution to withhold payments
Newspaper Excerpt
closed its doors recently to conserve assets and safeguard the depositors by resolution passed by the board of directors
Source
newspapers
4. January 23, 1932 Receivership
Source
historical_nic
5. January 23, 1932 Receivership
Newspaper Excerpt
closed First National Bank of Culver City... federal receiver, Thomsen, ... checks were distributed by Thomsen, federal receiver, upon their receipt from the U. S. comptroller of the currency (1934 article referencing receiver actions).
Source
newspapers

Newspaper Articles (4)
1. January 1, 1932 Evening Vanguard Venice, CA

Article Text

Confidence Vote Is Given to Ritt Culver City Bank Depositors Discuss Plans for Bank's Future Depositors having the largest on deposit in the First National Bank of Culver City, which closed its doors recently to conserve assets and safeguard the depositors by resolution pased by the board of rectors, met at the Culver City chamber of yesterday atternoon for the purpose of discussing tentative plans for the reopenof the bank. Charles Ritt. of the bank. in brief statement, assured each depositor present that the bank was sound, and that by closing the doors after heavy runs the bank, victim of directors met daily for four days, making every effort to withhold the closing the doors, but decided that the movement to protect those had deposits, to close the doors. more Mr. Ritt the bonds and the bank could have quickly turned into ready cash have prevented the closthe was said by several of the terested depositors of large amounts that independent bank is an asset city, and the reopening the First National Bank would be one of the greatest boosts that could happen to Culver City. Call Mass Meeting rising vote was given by the depositors present Charles Ritt. each assuring him implicit faith. President Robert Wankowski assured all depositors that the board of directors and present stockholders in the bank would sacrifice every cent of their holdings in an effort to meet any possible plan submitted for the opening of the bank. meeting was adjourned with vote being passed that meeting of all Its depositors in the bank be called for the first part January

2. March 2, 1934 Evening Vanguard Venice, CA

Article Text

OF DOLLARS SENT EX-DEPOSITORS Many thousands of dollars this week went into the hands of former depositors of the First National Bank of Culver City, closed for sevwhich this week paid an per cent dividend. Checks were distributed by Thomsen, federal receiver, upon their receipt from the U. S. comptroller of the currency Payment of the dividend this week brings the total percentage turned to depositors to 43 per cent. Previous dipidends of 16 per cent 20 cent were distributed. and per Thedividend was made possible partly through loan from the RFC. A number of checks for first and second dividends are still uncalled for at the bank, Receiver Thomsen said.

3. November 16, 1934 Evening Vanguard Venice, CA

Article Text

Report To Be Made Soon On Banks' Assets Wm. Prentiss, Jr., Is to Take Charge of Institutions William Prentiss, Jr., will take office as receiver of the closed First National Bank of Culver City and of the First National Bank of Venice tomorrow, Nov. 17, he announced today. He succeeds E. M. Thomsen, receiver for the past three years, who resigned last Nov. Mr. Prentiss said he would immediately arrange to analyze assets of the Venice and Culver City banks and prepare definite plans for the conduct of the receivership in line with the policy of the comptroller of the currency. The new receiver, widely known in Southland financial circles, is also receiver for the closed United States National Bank in Los Angeles and of the First National Bank of Beverly Hills Mr. Prentiss said he would make public an official statement early next week dealing with the condition of the defunct Venice and Oulver City banks.

4. December 14, 1935 Evening Vanguard Venice, CA

Article Text

Prentiss, Bank Receiver Quits J. C. Scully Will Assume Position Left Vacant by Former Official In Washington on what he termed "a vacation trip", but what other federal officers called a visit in preparation for taking a post with the comptroller of the currency, William Prentiss, Jr., turned over his duties as receiver of the First National Bank of Culver City and the First National Bank of Venice, this week to J. C. Scully. Prentiss who has headed the two banks through a major part of their liquidation periods up until the present time, was also in charge of the First National Bank of Beverly Hills, the First National Bank of Bishop and the United States National. Several other Southland banks were also under his direction.